I really like it. I think it's a lot better than Gateway's AIO and probably a tie with Sony's.
If you're talking strictly looks, I would actually take the Dell over the iMac. It's just because of the "chin". Honestly, I can't stand it. I think it's actually bigger on the new models, but it's masked by the black bezel around the screen. Instead the Dell has "ears" with the speakers, but at least they're symmetrical and balanced in the overall design, and offer a function as a reason for their presence.
Why can't a maker just have the screen only in front and put all the junk behind it and out of sight. I wouldn't mind the iMac being thicker as long as the face is nice and minimalistic.
They can't really patent AIO, that's like patenting putting computer components in a box with a screen: any too general. Basically that would include any device with electronic components and some kind of display: laptops, vehicle nav systems, portable DVD players, etc.